DOW just dropped 800+ points

LOAM · 6 May 2010 at 20:05

Greenlizard0 said:
Giant wang.

Damn those giant wangs, always bringing something down

Sho · 6 May 2010 at 20:06

simulatorman said:
The Icelandic ash cloud.

LOL!

Selekt0r · 6 May 2010 at 20:08

LOAM said:
What on earth has caused that

It's hit all the indices, not just the DOW.

Mainly because of ongoing trouble in Greece. Many European banks have major exposures to Greece, both the Greek Government, as well as normal commercial business.

http://news.bbc.co.uk/1/hi/business/10099914.stm

If public unrest, violence and general opposition to the proposed austerity measures continues, then the major Eurozone countries (mainly Germany)which are funding the bail-out (which is actually a loan which will need to be repaid by the Greek Government http://news.bbc.co.uk/1/hi/business/8658113.stm ) may pull the plug on it.

If that happens then just watch the markets go into free-fall... Worst-case scenario would see the more 'stable' Eurozone countries breaking away with their own currency and leaving the more debt-laden Eurozone members (Greece, Portugal, Italy, maybe Spain & Ireland) on their own.

:eek:

Cosimo · 6 May 2010 at 20:08

scorza said:
Probably concerns about a Conservative government in this country as of tomorrow. You just know they're going to screw up the economy again.

Are you looking into your Greek crystal ball again.

SMN · 6 May 2010 at 20:08

Someone running the market down for share prices I take it? If you were alert for however long it was on the initial drop, you could have made some serious cash.

Rotty · 6 May 2010 at 20:09

Looks like some sort of fat fingered trade mistake on P+G

Russinating · 6 May 2010 at 20:09

meghatronic · 6 May 2010 at 20:10

scorza said:
Probably concerns about a Conservative government in this country as of tomorrow. You just know they're going to screw up the economy again.

Yeah. That's exactly what is concerning the international community.

Cosimo · 6 May 2010 at 20:11

Rotty said:
looks like some sort of technical glitch

The glitch is called Greece.

Rotty · 6 May 2010 at 20:12

simulatorman said:
The glitch is called Greece.

not in this case

some huge erroneous trade on P+G triggered it, though that has made everyone jittery and fast to react

Strife212 · 6 May 2010 at 20:13

Did someone make an insane profit on that then?

Rotty · 6 May 2010 at 20:14

Strife212 said:
Did someone make an insane profit on that then?

probably and somone else made a huge loss of course

aardvark · 6 May 2010 at 20:17

damn thats crazy.

gold also at an all time high at almost £810 - thats a £60 increase in a week!

Westyfield2 · 6 May 2010 at 20:17

WTF happened then?

LOAM · 6 May 2010 at 20:19

At what point can we attack France?

SB118 · 6 May 2010 at 20:20

aardvark said:
damn thats crazy.

gold also at an all time high at almost £810 - thats a £60 increase in a week!

Ideal, time to shift those gold reserves Gordon.

Oh, hang on ....

Rotty · 6 May 2010 at 20:20

LOAM said:
At what point can we attack France?

Now

dowie · 6 May 2010 at 20:21

Strife212 said:
Did someone make an insane profit on that then?

lots of people probably made a profit

quite a few probably made some loss, whoever was behind the initial fat finger mistake lost a lot.... :eek:

Rotty · 6 May 2010 at 20:22

dowie said:
, whoever was behind the initial fat finger mistake lost a lot....

his job for a start

Strife212 · 6 May 2010 at 20:24

Reminds me of the time a kid in Japan made 20 million dollars in 10 minutes because a bank accidentally sold 600,000 shares for 1 yen instead of 1 share for 600,000 yen.